(at the request of Governor Kate Brown for Public Employees Retirement System)

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Bill Title:

Relating to employer contributions to the Public Employees Retirement System; declaring an emergency.

Catchline/Summary:

Provides that interest earned by Employer Incentive Fund may be used to match lump sum payments by participating public employers in Public Employees Retirement System.

Shortens time period during which participating public employers in Public Employees Retirement System must make lump sum payments to receive matching funds from Employer Incentive Fund. Shortens time period during which certain employers have priority to reserve matching funds from Employer Incentive Fund.
Provides for certain transfers to School Districts Unfunded Liability Fund to occur on last business day of odd-numbered year.
Limits participation in Unfunded Actuarial Liability Resolution Program to participating public employers that have applied to reserve matching amounts from Employer Incentive Fund.
Sunsets Unfunded Actuarial Liability Resolution Program on January 2, 2025.
Declares emergency, effective on passage.